Fast Market Research recommends "Kuwait Retail Report Q3 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 09/11/2013 -- The Kuwait Retail Report examines the long-term potential of the local consumer market, but flags shortterm concerns about the impact on Kuwait's economic outlook of depressed capital spending on the part of the government.
The report examines how best to maximise returns in the Kuwaiti retail market while minimising investment risk, and also explores the impact of the possibility of oil prices declining further than expected on the Kuwaiti consumer and on the ability of producers and exporters to realise returns in the short term.
The report also analyses the growth and risk management strategies being employed by the leading players in the Kuwaiti retail sector, as they seek to maximise the growth opportunities offered by the local market. Kuwaiti per capita consumer spending is forecast to increase by 28.3% to 2017, compared with a regional growth average of 53.5%. The country comes fourth (out of seven) in BMI's Middle East and Africa Retail Risk/Reward Ratings, although it underperforms slightly for risk.
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Among all retail categories, consumer electronics will be one of the outperformers through to 2017 in growth terms. Sales are forecast to increase by 29% between 2013 and 2017, from US$1.10bn to US $1.42bn, on the back of a high-earning, tech-literate population. In the competitive arena, BMI sees upside potential in trade liberalisation, with the elimination of customs duties within the Gulf Cooperation Council continuing to stimulate the market; and in telecoms deregulation and 3G expansion, which will drive competition in value-added services and support spending levels on handsets.
Over the last quarter, BMI has revised the following forecasts/views:
- BMI expects Kuwait to see relatively strong growth over 2013, as non-oil economic activity continues to expand on the back of solid household expenditure. Our forecast for 2013 real GDP growth remains unchanged at 3.0%, down from 8.2% in 2011 and an estimated 5.2% in 2012. While we now expect a marginal increase in oil exports, we note that progress on Kuwait's capital investment plans has so far been disappointing, and have revised down our forecasts for government spending and fixed investment.
- Kuwait's private consumption outlook continues to be broadly positive, and we forecast growth of 3.5% over 2013, leading to a 1.0-percentage point contribution to headline GDP growth. Although the effects of across-the-board increases in public-sector wages and social security transfers approved in March 2012 are fading, fiscal policy remains supportive, with several measures set to boost Kuwaitis' already elevated spending power.
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